Chart watchers eye $70 peak for oil’s record run

LONDON: Signals are growing that oil’s price surge could push all the way to $70 a barrel, according to the technical analysts who forecast market trends by interpreting chart patterns.

Crude’s 60 percent run-up this year to $50 record highs has been driven in part by fund investors who use chart signals to guide many of their big-money bets. With prices now in uncharted territory, technical analysts say the blistering rally shows few signs of slowing and suggest prices could peak at $70 – nearly $20 above current prices.

Daily Times (Pakistan)